/s/ Ernst & Young, S.A.
| |
Ernst & Young, S.A.
|
Notes
|
2019 (1)
|
2018
| |||
Assets
| |||||
Current assets
| |||||
Cash
|
6
|
Q
|
1,126,999
|
Q
|
1,328,190
|
Accounts receivable, net
|
7
|
212,600
|
209,277
| ||
Accounts receivable from related parties
|
8
|
2,721,366
|
2,697,367
| ||
Inventories
|
10
|
-
|
5,436
| ||
Other assets
|
9
|
13,244
|
34,559
| ||
Contract assets, net
|
7
|
497,100
|
439,665
| ||
Other financial assets
|
164,483
|
141,484
| |||
Total current assets
|
4,735,792
|
4,855,978
| |||
Non-current assets
| |||||
Property, plant and equipment, net
|
11
|
2,861,052
|
3,047,834
| ||
Intangible assets, net
|
12
|
897,835
|
593,446
| ||
Accounts receivable from related parties
|
8
|
3,986,797
|
3,393,835
| ||
Contract costs
|
18,766
|
18,966
| |||
Other non-current financial assets
|
6,825
|
1,885
| |||
Right-of-use assets
|
1,310,914
|
-
| |||
Total assets
|
Q
|
13,817,981
|
Q
|
11,911,944
| |
Liabilities and equity
| |||||
Current liabilities
| |||||
Accounts payable
|
14
|
Q
|
473,402
|
Q
|
555,541
|
Accounts payable to related parties
|
8
|
379,511
|
271,675
| ||
Income tax payable
|
19
|
48,394
|
44,260
| ||
Accrued interest
|
180,324
|
171,446
| |||
Contract liabilities
|
16
|
216,449
|
180,184
| ||
Other accounts payable
|
15
|
47,507
|
42,728
| ||
Loans and lease liabilities
|
13
|
128,925
|
-
| ||
Total current liabilities
|
1,474,512
|
1,265,834
| |||
Non-current liabilities
| |||||
Loans and lease liabilities
|
13
|
7,462,135
|
6,273,696
| ||
Provisions
|
17
|
279,190
|
247,872
| ||
Deferred income tax
|
19
|
20,055
|
15,956
| ||
Totalliabilities
|
9,235,892
|
7,803,358
| |||
Equity
| |||||
Issued capital
|
18
|
25,000
|
25,000
| ||
Retained earnings
|
2,668,584
|
2,455,271
| |||
Legal reserve
|
18
|
1,858,270
|
1,599,049
| ||
Other components of equity
|
18
|
30,235
|
29,266
| ||
Totalequity
|
4,582,089
|
4,108,586
| |||
Totalliabilitiesandequity
|
Q
|
13,817,981
|
Q
|
11,911,944
|
(1)
|
The Company adopted IFRS 16 effective January 1, 2019, using the modified retrospective approach. Prior periods have not been restated.
|
Notes
|
2019 (1)
|
2018
|
2017 (2)
| ||||
Airtime
|
Q
|
7,023,895
|
Q
|
6,740,527
|
Q
|
6,728,654
| |
Handsets and accessories
|
698,679
|
585,035
|
213,925
| ||||
Advertisement
|
8,639
|
-
|
-
| ||||
Subscriptions
|
576
|
2,755
|
4,070
| ||||
Other income
|
201,717
|
177,736
|
154,796
| ||||
Revenue from contracts with customers
|
7,933,506
|
7,506,053
|
7,101,445
| ||||
Cost of sales
|
20
|
(1,373,306)
|
(1,131,334)
|
(698,244)
| |||
Gross profit
|
6,560,200
|
6,374,719
|
6,403,201
| ||||
Operating expenses
|
21
|
(2,807,646)
|
(2,833,064)
|
(3,304,263)
| |||
Other expenses
|
22
|
(20,066)
|
(44,244)
|
(55,226)
| |||
Operating profit
|
3,732,488
|
3,497,411
|
3,043,712
| ||||
Financial income
|
23.1
|
268,293
|
473,006
|
283,465
| |||
Financial expenses
|
23.2
|
(715,553)
|
(906,141)
|
(542,602)
| |||
Profit before income tax
|
3,285,228
|
3,064,276
|
2,784,575
| ||||
Income tax expense
|
19
|
(535,355)
|
(508,676)
|
(484,931)
| |||
Net profit for the year
|
2,749,873
|
2,555,600
|
2,299,644
| ||||
Other comprehensive income
|
-
|
-
|
-
| ||||
Profit for the year
|
Q
|
2,749,873
|
Q
|
2,555,600
|
Q
|
2,299,644
|
(1)
|
The Company adopted IFRS 16 effective January 1, 2019, using the modified retrospective approach. Prior periods have not been restated.
|
(2)
|
The Company adopted IFRS 15 and 9 effective January 1, 2018 using the modified retrospective approach. Prior periods have not been restated.
|
Notes
|
Issued
capital
|
Retained earnings
|
Legal
reserve
|
Other
components
of equity
|
Total
equity
| ||||||
At January 1, 2017
|
Q
|
25,000
|
Q
|
2,005,115
|
Q
|
1,366,008
|
Q
|
22,540
|
Q
|
3,418,663
| |
Transfer to legal reserve
|
18
|
-
|
(112,058)
|
112,058
|
-
|
-
| |||||
Share-based incentive plan
|
18
|
-
|
-
|
-
|
3,174
|
3,174
| |||||
Dividends
|
18
|
-
|
(2,129,103)
|
-
|
-
|
(2,129,103)
| |||||
Profit for the period
|
-
|
2,299,644
|
-
|
-
|
2,299,644
| ||||||
At December 31, 2018
|
25,000
|
2,063,598
|
1,478,066
|
25,714
|
3,592,378
| ||||||
Effect on adoption of IFRS 15
|
3
|
-
|
286,170
|
-
|
-
|
286,170
| |||||
Effect on adoption of IFRS 9
|
3
|
-
|
(30,443)
|
-
|
-
|
(30,443)
| |||||
At January 1, 2018, restated (2)
|
25,000
|
2,319,325
|
1,478,066
|
25,714
|
3,848,105
| ||||||
Transfer to legal reserve
|
18
|
-
|
(120,983)
|
120,983
|
-
|
-
| |||||
Share-based incentive plan
|
18
|
-
|
-
|
-
|
3,552
|
3,552
| |||||
Dividends
|
18
|
-
|
(2,298,671)
|
-
|
-
|
(2,298,671)
| |||||
Profit for the period
|
-
|
2,555,600
|
-
|
-
|
2,555,600
| ||||||
At January 1, 2019 (1)
|
25,000
|
2,455,271
|
1,599,049
|
29,266
|
4,108,586
| ||||||
Transfer to legal reserve
|
18
|
-
|
(259,221)
|
259,221
|
-
|
-
| |||||
Share-based incentive plan
|
18
|
-
|
-
|
-
|
969
|
969
| |||||
Dividends
|
18
|
-
|
(2,277,339)
|
-
|
-
|
(2,277,339)
| |||||
Profit for the period
|
-
|
2,749,873
|
-
|
-
|
2,749,873
| ||||||
At December 31, 2019
|
Q
|
25,000
|
Q
|
2,668,584
|
Q
|
1,858,270
|
Q
|
30,235
|
Q
|
4,582,089
|
(1)
|
The Company adopted IFRS 16 effective January 1, 2019, using the modified retrospective approach. Prior periods have not been restated.
|
(2)
|
The Company adopted IFRS 15 and 9 effective January 1, 2018 using the modified retrospective approach. Prior periods have not been restated.
|
Notes
|
2019 (1)
|
2018
|
2017 (2)
| ||||
Operating activities
| |||||||
Profit before income tax
|
Q
|
3,285,228
|
Q
|
3,064,276
|
Q
|
2,784,575
| |
Adjustments to reconcile profit before income tax to net cash flows from operating activities:
| |||||||
Net loss from disposal of property, plant and equipment
|
22
|
19,747
|
43,932
|
54,922
| |||
Depreciation and amortization
|
21
|
991,047
|
1,011,006
|
1,077,378
| |||
Net unrealized exchange differences
|
23.1
23.2
|
44,109
|
168,254
|
(144,577)
| |||
Impairment of property, plant, equipment and intangibles
|
21
|
-
|
-
|
75,862
| |||
Estimate of expected credit losses
|
20
|
68,835
|
44,179
|
68,673
| |||
Share-based incentive plans
|
21
|
969
|
3,552
|
3,174
| |||
Deferred revenue
|
16
|
(3,988,821)
|
(3,832,050)
|
(3,566,458)
| |||
Interest
|
23.2
|
461,584
|
443,237
|
432,988
| |||
Accrued interest on asset retirement obligations
|
17
|
-
|
1,949
|
-
| |||
Net changes assets and liabilities
| |||||||
(Increase) decrease in:
| |||||||
Accounts receivable
|
(73,087)
|
65,330
|
(127,356)
| ||||
Accounts receivable from related parties
|
(72,970)
|
12,059
|
(92,508)
| ||||
Inventories
|
5,438
|
543
|
(2,743)
| ||||
Other assets
|
40,470
|
(8,270)
|
(64)
| ||||
Other financial assets
|
(27,956)
|
(12,264)
|
(60,791)
| ||||
(Decrease) increase in:
| |||||||
Accounts payable
|
93,823
|
(1,369)
|
(193,580)
| ||||
Accounts payable to related parties
|
82,846
|
(32,038)
|
8,315
| ||||
Other accounts payable
|
(39,832)
|
(12,926)
|
23,858
| ||||
Deferred revenue
|
16
|
4,023,745
|
3,761,534
|
3,602,436
| |||
Income tax paid
|
19
|
(527,122)
|
(510,991)
|
(478,149)
| |||
Net cash flows provided by operating activities
|
4,388,053
|
4,209,943
|
3,465,955
| ||||
Investing activities
| |||||||
Loans granted to related parties
|
8
|
(2,992,876)
|
(3,480,866)
|
(2,220,977)
| |||
Loan repayments from related parties
|
8
|
164,779
|
377,169
|
131,173
| |||
Purchase of property, plant and equipment
|
11
|
(734,434)
|
(559,421)
|
(525,213)
| |||
Purchase of intangible assets
|
12
|
(399,719)
|
(163,995)
|
(172,173)
| |||
Cash received for the sale of assets
|
22
|
760
|
2,393
|
-
| |||
Net cash flows used in investing activities
|
(3,961,490)
|
(3,824,720)
|
(2,787,190)
| ||||
Financing activities
| |||||||
Income tax withheld on dividends paid
|
18.3
|
(113,867)
|
(114,934)
|
(106,455)
| |||
Payment of dividends
|
18.3
|
-
|
(270,231)
|
(80,088)
| |||
Loan repayments to related parties
|
8
|
(7,065)
|
(99,045)
|
(2,110)
| |||
Loans granted from related parties
|
8
|
80,082
|
50,624
|
1,938
| |||
Repayment of leases
|
(150,565)
|
-
|
-
| ||||
Interest paid
|
(436,339)
|
(423,808)
|
(418,156)
|
Net cash flows used in financing activities
|
(627,754)
|
(857,394)
|
(604,871)
| ||||
(Decrease) increase net in cash
|
(201,191)
|
(472,171)
|
73,894
| ||||
Cash at January 1
|
1,328,190
|
1,800,361
|
1,726,467
| ||||
Cash at December 31
|
6
|
Q
|
1,126,999
|
Q
|
1,328,190
|
Q
|
1,800,361
|
Notes
|
2019 (1)
|
2018
|
2017 (2)
| ||||
Transactions not requiring cash
| |||||||
Capitalization of asset retirement obligation cost
|
11
|
Q
|
252
|
Q
|
374
|
Q
|
20,337
|
Right of use assets - additions
|
(29,333)
|
-
|
-
| ||||
Dividends offset with accounts receivable from related parties
|
18.3
|
2,163,472
|
1,913,506
|
1,942,560
| |||
Q
|
2,134,391
|
Q
|
1,913,880
|
Q
|
1,962,897
|
(1)
|
The Company adopted IFRS 16 effective January 1, 2019, using the modified retrospective approach. Prior periods have not been restated.
|
(2)
|
The Company adopted IFRS 15 and 9 effective January 1, 2018 using the modified retrospective approach. Prior periods have not been restated.
|
1.
|
Corporate information
|
2.
|
Basis of preparation
|
2.1
|
Statement of compliance
|
2.2
|
Basis of preparation and presentation currency
|
3.
|
Changes in accounting policies
|
a)
|
Adjustments recognized on adoption of IFRS 16
|
Operating lease commitments disclosed as at December 31, 2018
|
Q
|
2,138,065
|
(+) Non lease components obligations
|
506
| |
(-) Forecast of indexation included in the lease commitments not part of the IFRS 16 opening balances
|
(158,404)
| |
(+) Other
|
11,488
| |
Gross lease liabilities
|
1,991,655
| |
Discounted using the lessee's incremental borrowing rate at the date of the initial application
|
(562,963)
| |
Incremental lease liabilities recognized at January 1, 2019
|
1,428,692
| |
(Plus): Finance lease liabilities recognized at December 31, 2018
|
5,395
| |
Lease liabilities recognized at January 1, 2019
|
Q
|
1,434,087
|
Of which are:
| ||
Current lease liabilities
|
Q
|
123,098
|
Non-current lease liabilities
|
1,310,989
| |
Total lease liabilities
|
Q
|
1,434,087
|
Financial position
|
As at January 1, 2019 before application
|
Effect of adoption
of IFRS 16
|
As at January 1, 2019 after application
|
Ref.
| |||
Assets
| |||||||
Property, plant & equipment, net
|
Q
|
3,047,834
|
Q
|
(5,868)
|
Q
|
3,041,966
|
(i)
|
Right-of-use assets (non-current)
|
-
|
1,447,990
|
1,447,990
|
(ii)
| |||
Other assets
|
34,559
|
(19,298)
|
15,261
|
(iii)
| |||
Liabilities
| |||||||
Lease liabilities (non-current)
|
-
|
1,310,989
|
1,310,989
|
(iv)
| |||
Lease liabilities (current)
|
-
|
123,098
|
123,098
|
(iv)
| |||
Other accounts payable
|
Q
|
42,728
|
Q
|
(5,395)
|
Q
|
37,333
|
(v)
|
(i)
|
Transfer of previously capitalized assets under finance leases to right-of-use assets.
|
(ii)
|
Initial recognition of right-of-use assets, transfer of previously recognized finance leases and of lease prepayments being part of the right-of-use assets' costs at transition.
|
(iii)
|
Transfer of lease prepayments being part of the right-of-use assets' costs at transition.
|
(iv)
|
Initial recognition of lease liabilities and transfer of previously recognized finance lease liabilities.
|
(v)
|
Transfer of previously recognized finance lease liabilities to new lease liabilities accounts.
|
•
|
The use of a single discount rate to a portfolio of leases with reasonably similar characteristics,
|
•
|
Reliance on previous assessments on whether leases are onerous,
|
•
|
The accounting for operating leases with a remaining lease term of less than 12 months as at January 1, 2019 as short-term leases,
|
•
|
The exclusion of initial direct costs for the measurement of right-of-use assets at the date of initial application, and |
•
|
The use of hindsight in determining the lease term where the contract contains options to extend or terminate the lease.
|
•
|
Fixed payments (including in-substance fixed payments), less any lease incentives receivable,
|
•
|
Variable lease payment that are based on an index or a rate,
|
•
|
Amounts expected to be payable by the lessee under residual value guarantees, the exercise price of a purchase option if the lessee is reasonably certain to exercise that option, and
|
•
|
Payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option.
|
•
|
The amount of the initial measurement of lease liability,
|
•
|
Any lease payments made at or before the commencement date less any lease incentives received,
|
•
|
Any initial direct costs, and
|
•
|
Restoration costs.
|
•
|
Non-lease components are capitalized (IFRS16.15)
|
•
|
Intangible assets are out of IFRS 16 scope (IFRS16.4)
|
1)
|
Some revenue is recognized earlier, as a larger portion of the total consideration received in a bundled contract is attributable to the component delivered at contract inception (i.e. typically a subsidized handset). Therefore, this produces a shift from service revenue (which decreases) to the benefit of telephone and equipment revenue. This results in the recognition of a contract asset on the statement of financial position, as more revenue is recognized upfront, while the cash will be received along the subscription period (which is usually between 12 to 36 months).
|
2)
|
The cost incurred to obtain a contract (mainly commissions) is now capitalized in the statement of financial position and amortized over either the average customer retention period or the contract term, depending on the circumstances. This results in the recognition of contract costs being capitalized under non-current assets on the statement of financial position.
|
3)
|
There are no material changes for the purpose of determining whether the Company acts as principal or an agent in the sale of products.
|
4)
|
The presentation of certain amounts on the statement of financial position has been changed to reflect the terminology of IFRS 15:
|
a.
|
Contract assets recognized in relation to service contracts.
|
•
|
The Company does not adjust the transaction price for the means of a financing component whenever the period between the transfer of a promised good or service to a customer and the
|
•
|
The Company discloses in the financial statements the transaction price allocated to unsatisfied performance obligations only for contracts that have an original expected duration of more than one year (e.g. unsatisfied performance obligations for contracts that have an original duration of one year or less will not be disclosed).
|
•
|
The Company applies the practical expedient not to disclose the price allocated to unsatisfied performance obligations, if billing is equal to accounting revenue.
|
•
|
The Company applies the practical expedient to recognize the incremental costs of obtaining a contract as an expense when incurred if the amortization period of the asset that the Company otherwise would have recognized is one year or less.
|
Financial position
|
At January 1, 2018, before adoption
|
Effect of adoption of IFRS15
|
Effect of adoption of IFRS 9
|
Total effect of adoptions
|
At January 1, 2018, after adoption
|
Reference
| |||||
Assets
| |||||||||||
Current
| |||||||||||
Contract assets
|
Q
|
178,806
|
Q
|
289,297
|
Q
|
(9,534)
|
Q
|
279,763
|
Q
|
458,569
|
(i)
|
Accounts receivable
|
286,280
|
-
|
(20,909)
|
(20,909)
|
265,371
|
(ii)
| |||||
Non-current
| |||||||||||
Contract costs
|
-
|
18,367
|
-
|
18,367
|
18,367
|
(iii)
| |||||
Deferred tax assets
|
11,838
|
-
|
-
|
-
|
11,838
|
(v)
| |||||
Liabilities
| |||||||||||
Current
| |||||||||||
Contract liabilities
|
(248,110)
|
(1,336)
|
-
|
(1,336)
|
(1,336)
|
(iv)
| |||||
Non-current
| |||||||||||
Deferred income tax
|
-
|
(20,158)
|
-
|
(20,158)
|
(20,158)
|
(v)
| |||||
Equity
| |||||||||||
Retained earnings
|
Q
|
2,063,598
|
Q
|
286,170
|
Q
|
(30,443)
|
Q
|
255,727
|
Q
|
2,319,325
|
(vi)
|
(i)
|
Contract assets mainly represent subsidized handsets as more revenue is recognized upfront while the cash will be received along the subscription period (which is usually between 12 and 36 months).
|
(ii)
|
Effect of the application of the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognized from initial recognition of the receivables.
|
(iii)
|
This mainly represents commissions capitalized and amortized over the average contract term.
|
(iv)
|
This mainly represents deferred revenue for goods and services not yet delivered to customers that will be recognized upon the goods are delivered and the services are provided to customers. The balance also comprises the revenue from the billing of subscription fees or 'one-time' fees at the inception of a contract that are deferred and will be recognized over the average customer retention period or the contract term.
|
(v)
|
Tax effects of the above adjustments.
|
(vi)
|
Cumulative catch-up effect.
|
Comprehensive income
|
At January 1, 2018, before adoption
|
Effect of adoption of IFRS15
|
Effect of adoption of IFRS 9
|
At January 1, 2018, after adoption
|
Reference
| ||||
Revenue
|
Q
|
7,473,475
|
Q
|
32,578
|
Q
|
-
|
Q
|
7,506,053
|
(i)
|
Cost of sales
|
(676,439)
|
(394,998)
|
(59,896)
|
(1,131,334)
|
(ii)
| ||||
Operating expenses
|
(3,228,661)
|
395,597
|
-
|
(2,833,064)
|
(ii)
| ||||
Income tax expense
|
Q
|
(506,396)
|
Q
|
(2,280)
|
Q
|
-
|
Q
|
(508,676)
|
(iii)
|
(i)
|
Mainly for the shifting in the timing of revenue recognition due to the reallocation of revenue from postpaid service (over time) to telephone and equipment revenue (point in time).
|
(ii)
|
Mainly for the reallocation of costs for selling devices due to shift from postpaid service revenue to telephone and equipment revenue. As well as the capitalization and amortization of contract costs.
|
(iii)
|
Tax effects of the above adjustments.
|
Financial position for the year ended December 31, 2018
|
Amounts prepared under the previous IFRS
|
Effect of adoption of IFRS15
|
Effect of adoption of IFRS 9
|
Amounts prepared under current IFRS adoption
|
Reference
| ||||
Assets
|
-
| ||||||||
Contract assets (current)
|
Q
|
125,409
|
Q
|
314,256
|
Q
|
-
|
Q
|
439,665
|
(i)
|
Contract costs (non-current)
|
-
|
18,966
|
-
|
18,966
|
(ii)
| ||||
Account receivable
|
318,125
|
(108,848)
|
209,277
|
(iii)
| |||||
Liabilities
| |||||||||
Contract liabilities (current)
|
177,594
|
2,590
|
-
|
180,184
|
(iv)
| ||||
Income tax payable
|
41,826
|
2,280
|
-
|
44,106
|
(v)
| ||||
Deferred tax liabilities (non-current)
|
(4,201)
|
20,157
|
-
|
15,956
| |||||
Equity
| |||||||||
Retained profits
|
Q
|
2,151,647
|
Q
|
308,194
|
Q
|
-
|
Q
|
2,459,841
|
(vi)
|
(i)
|
Contract asset mainly represents subsidized handsets as more revenue is recognized upfront while the cash will be received along the subscription period (which are usually between 12 to 36 months). Throughout the period ended December 31, 2018 no material impairment loss has been recognized.
|
(ii)
|
This mainly represents commissions capitalized and amortized over the average contract term.
|
(iii)
|
Effect of the application of the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognized from initial recognition of the receivables.
|
(iv)
|
This mainly represents deferred revenue for goods and services not yet delivered to customers that will be recognized upon the goods are delivered and the services are provided to customers. The balance also comprises the revenue from the billing of subscription fees or 'one-time' fees at the inception of a contract that are deferred and will be recognized over the average customer retention period or the contract term.
|
(v)
|
Represents the tax payable to Superintendence of Tax Administration for transactions carried during the year ended December 31, 2018.
|
(vi)
|
Cumulative catch-up effect and IFRS 15 effect in the current period.
|
•
|
Whether an entity considers uncertain tax treatments separately
|
•
|
The assumptions an entity makes about the examination of tax treatments by taxation authorities
|
•
|
How an entity determines taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates
|
•
|
How an entity considers changes in facts and circumstances
|
•
|
Use updated assumptions to determine current service cost and net interest for the reminder of the period after a plan amendment, curtailment or settlement; and
|
•
|
Recognize in profit or loss as part of past service cost, or a gain or loss on settlement, any reduction in a surplus, even if that surplus was not previously recognized because of the impact of the asset ceiling.
|
4.
|
Summary of significant accounting policies
|
4.1
|
Functional currency and transactions in foreign currency
|
4.1.1
|
Foreign currency
|
4.1.2
|
Current versus non-current classification
|
4.2
|
Cash
|
4.3
|
Financial instruments
|
4.4
|
Financial assets
|
4.4.1
|
Recognition and initial measurement of financial assets
|
4.4.2
|
Subsequent measurement of the financial assets
|
4.4.3
|
Impairment of financial assets
|
4.4.4
|
Derecognition of financial assets
|
4.5
|
Financial liabilities
|
4.5.1
|
Recognition and initial measurement of financial liabilities
|
4.5.2
|
Subsequent measurement of financial liabilities
|
4.5.3
|
Derecognition of financial liabilities
|
4.6
|
Inventories
|
4.7.
|
Property, plant and equipment
|
Estimated useful life
| |
Generators
|
4 years
|
Primary network
|
Between 4 and 7 years
|
Towers and civil works
|
Between 10 and 15 years
|
Customer premise equipment
|
3 years
|
Other network equipment
|
Between 5 and 15 years
|
Buildings
|
Between 5 and 40 years
|
Other assets
|
Between 1 and 5 years
|
4.8
|
Intangible assets
|
•
|
The buyer has the exclusive right to capacity for a specific period and has the ability to resell (or sub-rent) the capacity;
|
•
|
Physical capacity physically limited and defined;
|
•
|
The buyer assumes all costs related to capacity (directly or not) including operation, administration and maintenance costs; and
|
•
|
The buyer assumes the risk of obsolescence during the term of the contract.
|
4.9
|
Impairment of non-financial assets
|
4.10
|
Provisions
|
4.11
|
Revenues from contracts with customers
|
a)
|
Post-paid mobile subscription fees are recognized over the relevant subscribed service period (recurring monthly access fees that do not vary based on usage). The service provision is usually considered as a series of distinct services that have the same pattern of transfer to the customer.
|
b)
|
Prepaid scratch / SIM cards are services where customers purchase a specified amount of airtime or other credit in advance. Revenue is recognized as the credit is used. Unused credit is carried in the statement of financial position as a contract liability. Upon expiration of the validity period, the portion of the contract liability relating to the expiring credit is recognized as revenue, since there is no longer an obligation to provide those services.
|
c)
|
Revenues from sale of cellular devices and accessories are recognized once control of such goods is transferred to the distributor or the final client. That criteria are fulfilled when the customer has the ability to direct the use and obtain substantially all of the remaining benefits from those goods.
|
d)
|
Revenues for the use of network and platform are recognized considering the airtime sold by the related parties.
|
e)
|
Advertising revenues are recognized in the statement of comprehensive income in the period that the service is provided, and the invoice is issued.
|
4.12
|
Borrowing costs
|
4.13
|
Taxes
|
4.13.2
|
Deferred income tax
|
4.13.3
|
Value added tax
|
4.14
|
Judgments, estimates and significant accounting assumptions
|
5.
|
Standards issued but not yet effective
|
6.
|
Cash
|
2019
|
2018
| |||
Cash in banks:
| ||||
In Dollars of the United States of America ('Dollars' or 'US$')
|
Q
|
778,638
|
Q
|
947,627
|
In Quetzals
|
348,361
|
380,563
| ||
Q
|
1,126,999
|
Q
|
1,328,190
|
7.
|
Accounts receivable, net
|
2019
|
2018
| |||
Accounts receivable
|
Q
|
318,530
|
Q
|
318,125
|
Contract assets
|
497,100
|
439,665
| ||
Less: estimate for expected credit losses
|
(105,930)
|
(108,848)
| ||
Q
|
709,700
|
Q
|
648,942
|
2019
|
2018
| |||
Accrued income
|
Q
|
140,905
|
Q
|
125,409
|
Contract assets (a)
|
356,195
|
314,256
| ||
Q
|
497,100
|
Q
|
439,665
|
(a)
|
As at December 31, 2019 the Company has contract assets for Q356,195 (2018: Q314,256) that mainly represent subsidized handsets because more revenue is recognized upfront while the cash will be received throughout the subscription period.
|
December 31
| ||||
2019
|
2018
| |||
Balance at the beginning of year
|
Q
|
108,848
|
Q
|
411,810
|
Allowance for the year (note 20)
|
68,835
|
44,179
| ||
Bad debts written-off
|
(71,753)
|
(368,050)
| ||
Changes on accounting policies
|
-
|
20,909
| ||
Balance at the end of year
|
Q
|
105,930
|
Q
|
108,848
|
At December 31, 2019
|
Contract assets
|
Current
|
Less than 30 days
|
Between 30 and 60 days
|
Between 61 and 90 days
|
>91 days
| |||||||||
Total
| |||||||||||||||
Amount of assessed assets:
| |||||||||||||||
Account receivable
|
Q
|
356,195
|
Q
|
187,600
|
Q
|
32,595
|
Q
|
8,947
|
Q
|
6,399
|
Q
|
82,989
|
Q
|
674,725
| |
Accrued income
|
140,905
|
-
|
-
|
-
|
-
|
-
|
140,905
| ||||||||
Expected credit loss
|
-
|
(3,898)
|
(8,634)
|
(5,585)
|
(4,824)
|
(82,989)
|
(105,930)
| ||||||||
Q
|
497,100
|
Q
|
183,702
|
Q
|
23,961
|
Q
|
3,362
|
Q
|
1,575
|
Q
|
-
|
Q
|
709,700
| ||
Expected credit loss (weighted average rate)
|
12%
|
32%
|
49%
|
57%
|
100%
|
At December 31, 2018
|
Contract assets
|
Current
|
Less than 30 days
|
Between 30 and 60 days
|
Between 61 and 90 days
|
>91 days
| |||||||||
Total
| |||||||||||||||
Amount of assessed assets:
| |||||||||||||||
Account receivable
|
Q
|
314,256
|
Q
|
190,102
|
Q
|
24,933
|
Q
|
10,450
|
Q
|
9,390
|
Q
|
83,250
|
Q
|
632,381
| |
Accrued income
|
125,409
|
-
|
-
|
-
|
-
|
-
|
125,409
| ||||||||
Expected credit loss
|
-
|
(5,017)
|
(8,681)
|
(6,170)
|
(6,180)
|
(82,800)
|
(108,848)
| ||||||||
Q
|
439,665
|
Q
|
185,085
|
Q
|
16,252
|
Q
|
4,280
|
Q
|
3,210
|
Q
|
450
|
Q
|
648,942
| ||
Expected credit loss (weighted average rate)
|
8%
|
29%
|
45%
|
65%
|
100%
|
8.
|
Balances and transactions with related parties
|
Country
|
Relation
|
2019
|
2018
| |||
Accounts receivable
| ||||||
Millicom International II N.V.
|
Luxembourg
|
Joint control
|
Q
|
2,767,072
|
Q
|
2,434,153
|
Miffin Associates Corp.
|
Panama
|
Joint control
|
2,264,881
|
1,990,876
| ||
Servicios Innovadores de Comunicación y Entretenimiento, S.A.
|
Guatemala
|
Associate
|
1,139,105
|
1,078,598
| ||
Navega.com, S.A.
|
Guatemala
|
Associate
|
465,986
|
537,094
| ||
Distribuidora Central de Comunicaciones, S.A.
|
Guatemala
|
Associate
|
25,570
|
-
| ||
Nexcel, S.A.
|
Guatemala
|
Associate
|
23,984
|
24,179
| ||
Servicios Especializados en Telecomunicaciones, S.A.
|
Guatemala
|
Associate
|
10,132
|
6,553
| ||
Distribuidora de Comunicaciones de Occidente, S.A.
|
Guatemala
|
Associate
|
4,500
|
13,000
| ||
Cloud2Nube, S.A.
|
Guatemala
|
Associate
|
3,000
|
3,826
| ||
Telemóvil El Salvador, S.A. de C.V.
|
El Salvador
|
Associate
|
1,971
|
742
| ||
Telefónica Celular, S.A. de C.V.
|
El Salvador
|
Associate
|
1,312
|
657
| ||
Millicom International Cellular, S.A.
|
Luxembourg
|
Associate
|
260
|
64
| ||
Comunicaciones Corporativas, S.A.
|
Guatemala
|
Associate
|
250
|
1,450
| ||
Millicom Cable Costa Rica, S.A.
|
Costa Rica
|
Associate
|
105
|
-
| ||
Bolivia Cellular
|
Bolivia
|
Associate
|
17
|
-
| ||
Distribuidora de Comunicaciones de Oriente, S.A.
|
Guatemala
|
Associate
|
10
|
10
| ||
Navega, S.A. de C.V.
|
El Salvador
|
Associate
|
8
|
-
| ||
Total
|
6,708,163
|
6,091,202
| ||||
Less: long-term portion
|
(3,986,797)
|
(3,393,835)
| ||||
Short-term portion
|
Q
|
2,721,366
|
Q
|
2,697,367
|
Country
|
Relation
|
2019
|
2018
| |||
Accounts payable
| ||||||
Servicios Especializados en Telecomunicaciones, S.A.
|
Guatemala
|
Associate
|
Q
|
255,815
|
Q
|
189,984
|
Distribuidora Central de
Comunicaciones, S.A.
|
Guatemala
|
Associate
|
38,722
|
1
| ||
Millicom International Cellular, S.A.
|
Luxemburg
|
Associate
|
27,255
|
19,794
| ||
Distribuidora Internacional de Comunicaciones, S.A.
|
Guatemala
|
Associate
|
15,305
|
11,355
| ||
Distribuidora de Comunicaciones de
Oriente, S.A.
|
Guatemala
|
Associate
|
13,653
|
15,653
| ||
Industrias Masscardy, S.A.
|
Guatemala
|
Associate
|
9,859
|
8,715
| ||
Distribuidora de Comunicaciones de Occidente, S.A.
|
Guatemala
|
Associate
|
5,099
|
2,759
| ||
Molvis, S.A.
|
Guatemala
|
Associate
|
2,402
|
3,155
| ||
Empresa Eléctrica de Guatemala, S.A.
|
Guatemala
|
Associate
|
2,187
|
286
| ||
Cualirecursos, S.A.
|
Guatemala
|
Associate
|
1,582
|
-
| ||
Inmobiliaria y Desarrolladora Empresarial de América, S.A.
|
Guatemala
|
Associate
|
1,508
|
2,091
| ||
Telefónica Celular, S.A. de C.V.
|
Paraguay
|
Associate
|
1,442
|
1,874
| ||
Telemóvil El Salvador, S.A. de C.V.
|
El Salvador
|
Associate
|
1,216
|
1,500
| ||
Millicom Spain, S.L.
|
Spain
|
Associate
|
1,062
|
8,744
| ||
Megaprint, S.A.
|
Guatemala
|
Associate
|
789
|
596
| ||
Cloud2Nube, S.A.
|
Guatemala
|
Associate
|
661
|
220
| ||
Navega.com, S.A.
|
Guatemala
|
Associate
|
570
|
570
| ||
Inversiones Sochi, S.A.
|
Guatemala
|
Associate
|
300
|
-
| ||
Transportista Eléctrica Centroamericana, S.A.
|
Guatemala
|
Associate
|
43
|
42
| ||
Servicios Innovadores de Comunicación y Entretenimiento, S.A.
|
Guatemala
|
Associate
|
22
|
4,205
| ||
Telefonía Celular de Nicaragua, S.A.
|
Nicaragua
|
Associate
|
17
|
-
| ||
Equiman, S.A.
|
Guatemala
|
Associate
|
1
|
1
| ||
Comercializadora Eléctrica de Guatemala, S.A.
|
Guatemala
|
Associate
|
1
|
130
| ||
Q
|
379,511
|
Q
|
271,675
|
Country
|
Relation
|
2019
|
2018
|
2017
| ||||
Revenues:
| ||||||||
Revenues for use of network and platform
| ||||||||
Servicios Especializados en Telecomunicaciones, S.A.
|
Guatemala
|
Associate
|
Q
|
56,252
|
Q
|
50,597
|
Q
|
53,380
|
Navega.com, S.A.
|
Guatemala
|
Associate
|
5,406
|
6,569
|
8,378
| |||
Q
|
61,658
|
Q
|
57,166
|
Q
|
61,758
|
Selling of airtime
| ||||||||
Nexcel, S.A.
|
Guatemala
|
Associate
|
Q
|
1,710,171
|
Q
|
1,564,875
|
Q
|
1,430,727
|
Interconnection services
| ||||||||
Telemóvil El Salvador, S.A.
de C.V.
|
El Salvador
|
Associate
|
Q
|
2,060
|
Q
|
2,248
|
Q
|
2,560
|
Telefónica Celular, S.A. de C.V.
|
Honduras
|
Associate
|
2,043
|
2,475
|
2,483
| |||
Q
|
4,103
|
Q
|
4,723
|
Q
|
5,043
| |||
Lease of websites
| ||||||||
Navega.com, S.A.
|
Guatemala
|
Associate
|
Q
|
604
|
Q
|
1,007
|
Q
|
985
|
Income from links, data and fixed line
| ||||||||
Navega.com, S.A.
|
Guatemala
|
Associate
|
Q
|
1,456
|
Q
|
1,499
|
Q
|
1,801
|
Servicios Innovadores de Comunicación y Entretenimiento, S.A.
|
Guatemala
|
Associate
|
20
|
19
|
20
| |||
Q
|
1,476
|
Q
|
1,518
|
Q
|
1,821
|
Country
|
Relation
|
2019
|
2018
|
2017
| ||||
Other revenues
| ||||||||
Millicom International II N.V.
|
Luxembourg
|
Joint control
|
Q
|
84,205
|
Q
|
51,880
|
Q
|
39,913
|
Miffin Associates Corp.
|
Panama
|
Joint control
|
70,605
|
41,701
|
33,147
| |||
Empresa Eléctrica de Guatemala, S.A.
|
Guatemala
|
Associate
|
1,548
|
1,691
|
1,595
| |||
Megaprint, S.A.
|
Guatemala
|
Associate
|
447
|
781
|
367
| |||
Industrias Masscardy, S.A.
|
Guatemala
|
Associate
|
447
|
393
|
449
| |||
Protección Integral, S.A.
|
Guatemala
|
Associate
|
216
|
286
|
-
| |||
Garda, S.A.
|
Guatemala
|
Associate
|
86
|
120
|
133
| |||
Transportista Eléctrica Centroamericana, S.A.
|
Guatemala
|
Associate
|
83
|
104
|
-
| |||
Energica, S.A.
|
Guatemala
|
Associate
|
66
|
1
|
1
| |||
Anacapri, S.A.
|
Guatemala
|
Associate
|
53
|
65
|
71
| |||
Millicom International
Cellular, S.A.
|
Luxembourg
|
Associate
|
52
|
-
|
-
| |||
Almacenaje y Manejo de Materiales Eléctricos, S.A.
|
Guatemala
|
Associate
|
34
|
50
|
6
| |||
Las Azaleas, S.A.
|
Guatemala
|
Associate
|
24
|
12
|
32
| |||
Innovaprint, S.A.
|
Guatemala
|
Associate
|
19
|
24
|
24
| |||
Comercializadora Eléctrica de Guatemala, S.A.
|
Guatemala
|
Associate
|
19
|
3
|
-
| |||
Telefónica Celular, S.A. de C.V.
|
Honduras
|
Associate
|
-
|
631
|
-
| |||
Telemóvil El Salvador, S.A.
de C.V.
|
El Salvador
|
Associate
|
-
|
529
|
-
| |||
Olomega, S.A.
|
Guatemala
|
Associate
|
-
|
-
|
47
| |||
Parinacota, S.A.
|
Guatemala
|
Associate
|
-
|
-
|
47
| |||
Q
|
157,904
|
Q
|
98,271
|
Q
|
75,832
|
Expenses:
| ||||||||
Services of payroll administration (note 21.1)
| ||||||||
Distribuidora Central de Comunicaciones, S.A.
|
Guatemala
|
Associate
|
Q
|
377,425
|
Q
|
-
|
Q
|
-
|
Servicios Especializados en Telecomunicaciones, S.A.
|
Guatemala
|
Associate
|
47,702
|
368,238
|
-
| |||
Servicios Innovadores de Comunicación y
Entretenimiento, S.A.
|
Guatemala
|
Associate
|
-
|
-
|
345,100
| |||
Q
|
425,127
|
Q
|
368,238
|
Q
|
345,100
| |||
Transmission of data and links
| ||||||||
Millicom Spain, S.L.
|
Spain
|
Associate
|
Q
|
11,304
|
Q
|
12,094
|
Q
|
13,113
|
Services of interconnection
| ||||||||
Telefónica Celular, S.A. de C.V.
|
Honduras
|
Associate
|
Q
|
6,119
|
Q
|
5,301
|
Q
|
5,191
|
Telemóvil El Salvador, S.A.
de C.V.
|
El Salvador
|
Associate
|
2,621
|
3,644
|
3,757
| |||
Telefónica Celular de
Bolivia, S.A.
|
Bolivia
|
Associate
|
-
|
-
|
5
| |||
Q
|
8,740
|
Q
|
8,945
|
Q
|
8,953
|
Country
|
Relation
|
2019
|
2018
|
2017
| ||||
Telecommunications services
| ||||||||
Navega.com, S.A.
|
Guatemala
|
Associate
|
Q
|
6,105
|
Q
|
6,105
|
Q
|
6,105
|
Building lease
| ||||||||
Distribuidora de Comunicaciones de
Occidente, S.A.
|
Guatemala
|
Associate
|
Q
|
29,838
|
Q
|
28,474
|
Q
|
27,786
|
Purchase of inventory of cell phones and cards
| ||||||||
Servicios Especializados en Telecomunicaciones, S.A.
|
Guatemala
|
Associate
|
Q
|
803,344
|
Q
|
696,549
|
Q
|
641,946
|
Network maintenance and lease of sites
| ||||||||
Las Azaleas, S.A.
|
Guatemala
|
Associate
|
Q
|
216,439
|
Q
|
209,679
|
Q
|
206,543
|
Industrias Masscardy, S.A.
|
Guatemala
|
Associate
|
93,219
|
91,474
|
90,751
| |||
Molvis, S.A.
|
Guatemala
|
Associate
|
33,762
|
33,180
|
33,950
| |||
Equiman, S.A.
|
Guatemala
|
Associate
|
11,700
|
11,093
|
10,936
| |||
Inmobiliaria y Desarrolladora Empresarial de América, S.A.
|
Guatemala
|
Associate
|
9,105
|
6,876
|
5,581
| |||
Innovacel, S.A.
|
Guatemala
|
Associate
|
3,127
|
2,927
|
2,900
| |||
Olomega, S.A.
|
Guatemala
|
Associate
|
820
|
-
|
-
| |||
Transportista Eléctrica Centroamericana, S.A.
|
Guatemala
|
Associate
|
459
|
438
|
344
| |||
Parinacota, S.A.
|
Guatemala
|
Associate
|
234
|
222
|
211
| |||
Maquinaria de Occidente, S.A.
|
Guatemala
|
Associate
|
-
|
245
|
575
| |||
Q
|
368,865
|
Q
|
356,134
|
Q
|
351,791
|
Country
|
Relation
|
2019
|
2018
|
2017
| ||||
Other services
| ||||||||
Empresa Eléctrica de Guatemala, S.A.
|
Guatemala
|
Associate
|
Q
|
41,456
|
Q
|
37,415
|
Q
|
38,343
|
Supervisora de
Occidente, S.A.
|
Guatemala
|
Associate
|
37,290
|
34,847
|
31,650
| |||
Cualirecursos, S.A.
|
Guatemala
|
Associate
|
16,283
|
2,395
|
-
| |||
Comercializadora Eléctrica de Guatemala, S.A.
|
Guatemala
|
Associate
|
12,190
|
10,876
|
12,308
| |||
Megaprint, S.A.
|
Guatemala
|
Associate
|
9,232
|
6,101
|
5,550
| |||
Nexcel, S.A.
|
Guatemala
|
Associate
|
4,344
|
4,095
|
3,882
| |||
Distribuidora Internacional de Comunicaciones, S.A.
|
Guatemala
|
Associate
|
3,527
|
-
|
-
| |||
Navega.com, S.A.
|
Guatemala
|
Associate
|
3,441
|
3,441
|
3,441
| |||
Inversiones Sochi, S.A.
|
Guatemala
|
Associate
|
2,686
|
1,369
|
-
| |||
Cloud2Nube, S.A.
|
Guatemala
|
Associate
|
2,400
|
2,400
|
2,400
| |||
Distribuidora de Comunicaciones de
Oriente, S.A.
|
Guatemala
|
Associate
|
1,380
|
1,380
|
1,150
| |||
Manta, S.A.
|
Guatemala
|
Associate
|
644
|
659
|
841
| |||
Innovaprint, S.A.
|
Guatemala
|
Associate
|
393
|
392
|
381
| |||
Porada, S.A.
|
Guatemala
|
Associate
|
244
|
227
|
464
| |||
Firma de Auditoria y Asesoría Financiera, S.A.
|
Guatemala
|
Associate
|
144
|
202
|
186
| |||
Servicios Especializados en Telecomunicaciones, S.A.
|
Guatemala
|
Associate
|
-
|
12,000
|
31,534
| |||
Servicios Innovadores de Comunicación y Entretenimiento, S.A.
|
Guatemala
|
Associate
|
-
|
45,000
|
45,276
| |||
Millicom Spain, S.L.
|
Spain
|
Associate
|
-
|
6,319
|
-
| |||
Distribuidora Central de Comunicaciones, S.A.
|
Guatemala
|
Associate
|
-
|
825
|
2,000
| |||
Energica, S.A.
|
Guatemala
|
Associate
|
-
|
12
|
-
| |||
Telemóvil El Salvador, S.A.
de C.V.
|
El Salvador
|
Associate
|
-
|
9
|
-
| |||
Parinacota, S.A.
|
Guatemala
|
Associate
|
-
|
-
|
211
| |||
Q
|
135,654
|
Q
|
169,964
|
Q
|
179,617
|
Country
|
Relation
|
2019
|
2018
|
2017
| ||||
Loans granted to related parties
| ||||||||
Millicom International II N.V.
|
Luxembourg
|
Joint control
|
Q
|
1,553,831
|
Q
|
1,392,991
|
Q
|
1,148,246
|
Miffin Associates Corp.
|
Panama
|
Joint control
|
1,271,316
|
1,140,604
|
939,506
| |||
Servicios Innovadores de Comunicación y Entretenimiento, S.A.
|
Guatemala
|
Associate
|
85,280
|
756,600
|
64,056
| |||
Distribuidora Central de Comunicaciones, S.A.
|
Guatemala
|
Associate
|
25,570
|
-
|
-
| |||
Navega.com, S.A.
|
Guatemala
|
Associate
|
22,030
|
4
|
-
| |||
Servicios Especializados en Telecomunicaciones, S.A.
|
Guatemala
|
Associate
|
21,341
|
154,259
|
57,369
| |||
Distribuidora de Comunicaciones de
Occidente, S.A.
|
Guatemala
|
Associate
|
7,500
|
15,000
|
11,800
| |||
Cloud2Nube, S.A.
|
Guatemala
|
Associate
|
6,005
|
1,408
|
-
| |||
Telemovil El Salvador, S.A.
de C.V.
|
El Salvador
|
Associate
|
3
|
-
|
-
| |||
Distribuidora de Comunicaciones de
Oriente, S.A.
|
Guatemala
|
Associate
|
-
|
20,000
|
-
| |||
Q
|
2,992,876
|
Q
|
3,480,866
|
Q
|
2,220,977
|
Dividends compensation:
| ||||||||
Millicom International II N.V.
|
Luxembourg
|
Joint control
|
Q
|
1,189,910
|
Q
|
1,052,428
|
Q
|
1,068,408
|
Miffin Associates Corp.
|
Panama
|
Joint control
|
973,562
|
861,078
|
874,152
| |||
Q
|
2,163,472
|
Q
|
1,913,506
|
Q
|
1,942,560
| |||
Repayments:
| ||||||||
Navega.com, S.A.
|
Guatemala
|
Associate
|
94,160
|
127,604
|
114,600
| |||
Servicios Innovadores de Comunicación y Entretenimiento, S.A.
|
Guatemala
|
Associate
|
25,029
|
8,085
|
5,127
| |||
Servicios Especializados en Telecomunicaciones, S.A.
|
Guatemala
|
Associate
|
21,559
|
209,415
|
1,996
| |||
Distribuidora de Comunicaciones de
Occidente, S.A.
|
Guatemala
|
Associate
|
16,000
|
8,800
|
5,000
| |||
Cloud2Nube, S.A.
|
Guatemala
|
Associate
|
6,831
|
2,165
|
3,600
| |||
Comunicaciones
Corporativas, S.A.
|
Guatemala
|
Associate
|
1,200
|
1,100
|
850
| |||
Distribuidora de Comunicaciones de
Oriente, S.A.
|
Guatemala
|
Associate
|
-
|
20,000
|
-
| |||
Q
|
164,779
|
Q
|
377,169
|
Q
|
131,173
|
Country
|
Relation
|
2019
|
2018
|
2017
| ||||
Loans granted by related parties
| ||||||||
Servicios Especializados en Telecomunicaciones, S.A.
|
Guatemala
|
Associate
|
Q
|
80,000
|
Q
|
1,558
|
Q
|
291
|
Servicios Innovadores de Comunicación y Entretenimiento, S.A.
|
Guatemala
|
Associate
|
78
|
12,333
|
792
| |||
Distribuidora Central de Comunicaciones, S.A.
|
Guatemala
|
Associate
|
4
|
16
|
403
| |||
Newcom Limited Bermuda
|
Bermuda
|
Associate
|
-
|
36,699
|
-
| |||
Navega.com, S.A.
|
Guatemala
|
Associate
|
-
|
12
|
-
| |||
Distribuidora de Comunicaciones de
Oriente, S.A.
|
Guatemala
|
Associate
|
-
|
6
|
-
| |||
Cloud2Nube, S.A.
|
Guatemala
|
Associate
|
-
|
-
|
452
| |||
Q
|
80,082
|
Q
|
50,624
|
Q
|
1,938
| |||
Loan repayments to related parties
| ||||||||
Servicios Especializados en Telecomunicaciones, S.A.
|
Guatemala
|
Associate
|
Q
|
5,000
|
Q
|
1,558
|
Q
|
291
|
Distribuidora de Comunicaciones de
Oriente, S.A.
|
Guatemala
|
Associate
|
2,000
|
6
|
-
| |||
Servicios Innovadores de Comunicación y Entretenimiento, S.A.
|
Guatemala
|
Associate
|
61
|
12,331
|
793
| |||
Distribuidora Central de Comunicaciones, S.A.
|
Guatemala
|
Associate
|
4
|
18
|
574
| |||
Newcom Limited Bermuda
|
Bermuda
|
Associate
|
-
|
50,344
|
-
| |||
Distribuidora Internacional de Comunicaciones, S.A.
|
Guatemala
|
Associate
|
-
|
34,776
|
-
| |||
Navega.com, S.A.
|
Guatemala
|
Associate
|
-
|
12
|
-
| |||
Cloud2Nube, S.A.
|
Guatemala
|
Associate
|
-
|
452
| ||||
Q
|
7,065
|
Q
|
99,045
|
Q
|
2,110
|
Interests over granted loans
|
Country
|
Relation
|
2019
|
2018
|
2017
| |||
Millicom International II N.V.
|
Luxembourg
|
Joint control
|
Q
|
84,205
|
Q
|
51,880
|
Q
|
39,913
|
Miffin Associates Corp.
|
Panama
|
Joint control
|
70,605
|
41,701
|
33,147
| |||
Q
|
154,810
|
Q
|
93,581
|
Q
|
73,060
|
9.
|
Other assets
|
2019
|
2018
| |||
Prepayments
|
Q
|
12,753
|
Q
|
32,251
|
Prepayments to vendors
|
491
|
1,532
| ||
Value added tax
|
-
|
776
| ||
Q
|
13,244
|
Q
|
34,559
|
10.
|
Inventories
|
2019
|
2018
| |||
At cost:
| ||||
Cell phones and equipment
|
Q
|
-
|
Q
|
5,436
|
11.
|
Property, plant and equipment, net
|
Balance at
12-31-2018
|
Additions (a)
|
Retirements
|
Transfers
|
Balance at 12-31-2019
| |||||||||
Cost:
| |||||||||||||
Generators
|
Q
|
253,750
|
Q
|
21,341
|
Q
|
(1,451)
|
Q
|
425
|
Q
|
274,065
| |||
Primary network
|
992,644
|
63,106
|
(76,969)
|
40,325
|
1,019,106
| ||||||||
Towers and civil works
|
3,036,803
|
135,378
|
(211,938)
|
(5,261)
|
2,954,982
| ||||||||
Customer premise equipment
|
26,927
|
4,025
|
(15,239)
|
28
|
15,741
| ||||||||
Other network equipment
|
4,102,947
|
325,264
|
(397,481)
|
67,755
|
4,098,485
| ||||||||
Buildings
|
249,343
|
14,784
|
(110,657)
|
4,392
|
157,862
| ||||||||
Other assets
|
816,198
|
40,245
|
(117,671)
|
(388,277)
|
350,495
| ||||||||
Work in process
|
158,392
|
130,543
|
(805)
|
(104,167)
|
183,963
| ||||||||
Parts
|
3,759
|
-
|
(130)
|
(825)
|
2,804
| ||||||||
Financial lease - other network equipment
|
7,478
|
-
|
-
|
(b) (7,478)
|
-
| ||||||||
9,648,241
|
734,686
|
(932,341)
|
(393,083)
|
9,057,503
| |||||||||
Accumulated depreciation:
| |||||||||||||
Generators
|
221,023
|
15,776
|
(1,451)
|
-
|
235,348
| ||||||||
Primary network
|
652,500
|
91,585
|
(75,856)
|
53
|
668,282
| ||||||||
Towers and civil works
|
1,985,422
|
255,979
|
(208,176)
|
12
|
2,033,237
| ||||||||
Customer premise equipment
|
22,223
|
6,175
|
(15,239)
|
-
|
13,159
| ||||||||
Other network equipment
|
2,755,677
|
330,629
|
(386,689)
|
(69)
|
2,699,548
| ||||||||
Financial lease - other network equipment
|
1,610
|
623
|
-
|
(b) (2,233)
|
-
| ||||||||
Buildings
|
174,646
|
13,120
|
(108,883)
|
-
|
78,883
| ||||||||
Other assets
|
573,578
|
67,477
|
(116,961)
|
(269,828)
|
254,266
| ||||||||
Q
|
6,386,679
|
Q
|
781,364
|
Q
|
(913,255)
|
Q
|
(272,065)
|
Q
|
5,982,723
|
(a)
|
Q252 corresponds to the capitalization of the costs of the asset retirement obligation (note 17).
|
(b)
|
Q5,245 were reclassified as right of use due to the adoption of IFRS 16.
|
Balance at
12-31-2018
|
Additions
|
Transfers
|
Balance at
12-31-2019
| |||||
Estimated impairment:
| ||||||||
Generators
|
Q
|
1,001
|
Q
|
-
|
Q
|
-
|
Q
|
1,001
|
Primary network
|
17,094
|
-
|
-
|
17,094
| ||||
Towers and civil works
|
515
|
-
|
-
|
515
| ||||
Financial lease - Other network equipment
|
157,125
|
-
|
-
|
157,125
| ||||
Buildings
|
7,171
|
-
|
-
|
7,171
| ||||
Other assets
|
30,822
|
-
|
-
|
30,822
| ||||
213,728
|
Q
|
-
|
Q
|
-
|
213,728
| |||
Net book value
|
Q
|
3,047,834
|
Q
|
2,861,052
|
Balance at
12-31-2017
|
Additions (a)
|
Retirements
|
Transfers
|
Balance at 12-31-2018
| ||||||
Cost:
| ||||||||||
Generators
|
Q
|
241,160
|
Q
|
17,659
|
Q
|
(6,958)
|
Q
|
1,889
|
Q
|
253,750
|
Primary network
|
1,036,621
|
46,927
|
(116,085)
|
25,181
|
992,644
| |||||
Towers and civil works
|
2,981,306
|
96,766
|
(37,903)
|
(3,366)
|
3,036,803
| |||||
Customer premise equipment
|
30,399
|
7,885
|
(11,743)
|
386
|
26,927
| |||||
Other network equipment
|
4,850,749
|
234,547
|
(1,014,930)
|
32,581
|
4,102,947
| |||||
Buildings
|
248,838
|
6,230
|
(5,376)
|
(349)
|
249,343
| |||||
Other assets
|
811,234
|
67,237
|
(105,238)
|
42,965
|
816,198
| |||||
Work in process
|
187,573
|
82,544
|
(209)
|
(111,516)
|
158,392
| |||||
Parts
|
11,782
|
-
|
(2,685)
|
(5,338)
|
3,759
| |||||
Financial lease - other network equipment
|
7,478
|
-
|
-
|
-
|
7,478
| |||||
10,407,140
|
559,795
|
(1,301,127)
|
(17,567)
|
9,648,241
| ||||||
Accumulated depreciation:
| ||||||||||
Generators
|
215,302
|
12,572
|
(6,950)
|
99
|
221,023
| |||||
Primary network
|
693,533
|
85,960
|
(109,227)
|
(17,766)
|
652,500
| |||||
Towers and civil works
|
1,767,049
|
251,332
|
(29,827)
|
(3,132)
|
1,985,422
| |||||
Customer premise equipment
|
25,104
|
8,636
|
(11,743)
|
226
|
22,223
| |||||
Other network equipment
|
3,372,282
|
392,099
|
(994,211)
|
(14,493)
|
2,755,677
| |||||
Financial lease - other network equipment
|
987
|
623
|
-
|
-
|
1,610
| |||||
Buildings
|
162,509
|
17,161
|
(4,977)
|
(47)
|
174,646
| |||||
Other assets
|
559,351
|
85,635
|
(102,403)
|
30,995
|
573,578
| |||||
Q
|
6,796,117
|
Q
|
854,018
|
Q
|
(1,259,338)
|
Q
|
(4,118)
|
Q
|
6,386,679
|
(a)
|
Q374 corresponds to the capitalization of the costs of the asset retirement obligation (note 17).
|
Balance at
12-31-2017
|
Additions
|
Retirements
|
Balance at
12-31-2018
| |||||
Estimated impairment:
| ||||||||
Generators
|
Q
|
1,001
|
Q
|
-
|
Q
|
-
|
Q
|
1,001
|
Primary network
|
17,094
|
-
|
-
|
17,094
| ||||
Towers and civil works
|
515
|
-
|
-
|
515
| ||||
Financial lease - Other network equipment
|
157,125
|
-
|
-
|
157,125
| ||||
Buildings
|
7,171
|
-
|
-
|
7,171
| ||||
Other assets
|
30,822
|
-
|
-
|
30,822
| ||||
213,728
|
Q
|
-
|
Q
|
-
|
213,728
| |||
Net book value
|
Q
|
3,397,295
|
Q
|
3,047,834
|
12.
|
Intangible assets, net
|
Balance at
12-31-2018
|
Additions
|
Retirements
|
Transfers
|
Balance at
12-31-2019
| ||||||
Cost:
| ||||||||||
Network programs
|
Q
|
1,233,174
|
Q
|
178,900
|
Q
|
(682,764)
|
Q
|
385,631
|
Q
|
1,114,941
|
Licenses
|
449,548
|
216,386
|
-
|
-
|
665,934
| |||||
Other intangible assets
|
722
|
-
|
-
|
-
|
722
| |||||
Intangible in process
|
26
|
-
|
-
|
(26)
|
-
| |||||
Irrevocable right of use - IRU
|
139,058
|
4,433
|
-
|
-
|
143,491
| |||||
1,822,528
|
399,719
|
(682,764)
|
385,605
|
1,925,088
| ||||||
Accumulated amortization:
| ||||||||||
Network programs
|
886,382
|
187,233
|
(681,344)
|
269,832
|
662,103
| |||||
Licenses
|
292,972
|
12,819
|
-
|
-
|
305,791
| |||||
Other intangible assets
|
333
|
147
|
-
|
-
|
480
| |||||
Irrevocable rights of use - IRU
|
48,948
|
9,484
|
-
|
-
|
58,432
| |||||
1,228,635
|
209,683
|
(681,344)
|
269,832
|
1,026,806
| ||||||
Estimated impairment:
| ||||||||||
Network programs
|
447
|
-
|
-
|
-
|
447
| |||||
447
|
Q
|
-
|
Q
|
-
|
Q
|
-
|
447
| |||
Net book value
|
Q
|
593,446
|
Q
|
897,835
|
Balance at
12-31-2017
|
Additions
|
Retirements
|
Transfers
|
Balance at
12-31-2018
| ||||||
Cost:
| ||||||||||
Network programs
|
Q
|
1,215,933
|
Q
|
132,902
|
Q
|
(133,214)
|
Q
|
17,553
|
Q
|
1,233,174
|
Licenses
|
449,548
|
-
|
-
|
-
|
449,548
| |||||
Other intangible assets
|
704
|
18
|
-
|
-
|
722
| |||||
Intangible in process
|
12
|
-
|
-
|
14
|
26
| |||||
Irrevocable right of use - IRU
|
107,983
|
31,075
|
-
|
-
|
139,058
| |||||
1,774,180
|
163,995
|
(133,214)
|
17,567
|
1,822,528
| ||||||
Accumulated amortization:
| ||||||||||
Network programs
|
872,830
|
138,112
|
(128,678)
|
4,118
|
886,382
| |||||
Licenses
|
281,835
|
11,137
|
-
|
-
|
292,972
| |||||
Other intangible assets
|
189
|
144
|
-
|
-
|
333
| |||||
Irrevocable rights of use - IRU
|
41,353
|
7,595
|
-
|
-
|
48,948
| |||||
1,196,207
|
156,988
|
(128,678)
|
4,118
|
1,228,635
| ||||||
Estimated impairment:
| ||||||||||
Network programs
|
447
|
-
|
-
|
-
|
447
| |||||
447
|
Q
|
-
|
Q
|
-
|
Q
|
-
|
447
| |||
Net book value
|
Q
|
577,526
|
Q
|
593,446
|
13.
|
Loans and lease liabilities
|
2019
|
2018
| |||
Current
| ||||
Lease liabilities current
|
Q
|
128,925
|
Q
|
-
|
Non-current
| ||||
Loans
| ||||
In US$
| ||||
Credit Suisse AG (a)
|
Q
|
6,086,824
|
Q
|
6,099,376
|
In Quetzals
| ||||
Banco Industrial, S.A. (b)
|
174,320
|
174,320
| ||
Subtotal
|
6,261,144
|
6,273,696
| ||
Lease liabilities
| ||||
Lease liabilities non-current
|
1,200,991
|
-
| ||
Loans and lease liabilities non-current
|
Q
|
7,462,135
|
Q
|
6,273,696
|
(a)
|
In January 2014, the Company obtained a loan with Credit Suisse AG, Cayman Island Branch. Loan proceeds were funded by a bond issuance by Comcel Trust. The bonds were guaranteed by Comcel and listed on the Luxembourg Stock Exchange.
|
(b)
|
Loan contracted in Quetzals on May 4, 2015, for Q174,320 for a term of 120 months. This loan accrues an annual fixed interest rate of 7.20%, which is payable monthly to Banco Industrial, S.A., a banking institution of Guatemala. The principal is due at maturity.
|
2019
|
2018
| |||
Beginning balance
|
Q
|
6,273,696
|
Q
|
5,947,545
|
Currency exchange differences
|
(12,552)
|
326,151
| ||
Q
|
6,261,144
|
Q
|
6,273,696
|
2019
| ||
At December 31, 2024
|
Q
|
6,099,376
|
At May 4, 2025
|
174,320
| |
Q
|
6,273,696
|
14.
|
Accounts payable
|
At December 31
| ||||
2019
|
2018
| |||
Local suppliers
|
Q
|
337,729
|
Q
|
282,349
|
Foreign suppliers
|
135,673
|
273,192
| ||
Q
|
473,402
|
Q
|
555,541
|
15.
|
Other accounts payable
|
At December 31
| ||||
2019
|
2018
| |||
Value added tax
|
Q
|
12,116
|
Q
|
-
|
Withholding tax payable
|
9,275
|
5,612
| ||
Obligations for financial leasing (a)
|
-
|
5,395
| ||
Others
|
26,116
|
31,721
| ||
Q
|
47,507
|
Q
|
42,728
|
(a)
|
Transfer of previously recognized finance lease liabilities to new lease liabilities accounts.
|
16.
|
Contract liabilities
|
At December 31
| ||||
2019
|
2018
| |||
Deferred revenue
|
Q
|
212,518
|
Q
|
177,594
|
Contract liabilities
|
3,931
|
2,590
| ||
Q
|
216,449
|
Q
|
180,184
|
At December 31
| ||||
2019
|
2018
| |||
Balances at the beginning of the year
|
Q
|
180,184
|
Q
|
248,110
|
New contract liabilities
|
1,341
|
2,590
| ||
Deferred revenue during year
|
4,023,745
|
3,761,534
| ||
Recognized in profit and loss
|
(3,988,821)
|
(3,832,050)
| ||
Balance at year end
|
Q
|
216,449
|
Q
|
180,184
|
17.
|
Provisions
|
2019
|
2018
|
2017
| ||||
Balance at beginning of year
|
Q
|
247,872
|
Q
|
258,900
|
Q
|
235,698
|
Addition of new sites (note 11)
|
252
|
374
|
25,750
| |||
Sites retired
|
(2,723)
|
(1,252)
|
(2,548)
| |||
Interest
|
-
|
1,949
|
-
| |||
Increase (decrease) in the provision for rate change
|
27,328
|
(12,099)
|
-
| |||
IRU provision
|
6,461
|
-
|
-
| |||
Balance at yearend
|
Q
|
279,190
|
Q
|
247,872
|
Q
|
258,900
|
18.
|
Equity
|
18.1
|
Issue capital
|
18.2
|
Legal reserve
|
18.3
|
Dividends declared
|
18.4
|
Other components of the equity
|
18.4.1
|
Shared-based incentive plan
|
19.
|
Income tax
|
2019
|
2018
|
2017
| ||||
Current tax
| ||||||
Income tax
|
Q
|
531,256
|
Q
|
501,040
|
Q
|
487,095
|
Deferred income tax
| ||||||
Recognition and reversion of temporary differences
|
4,099
|
7,636
|
(2,164)
| |||
Income tax reported in the statement of comprehensive income
|
Q
|
535,355
|
Q
|
508,676
|
Q
|
484,931
|
2019
|
2018
|
2017
| |||||||
Revenues
|
Q
|
7,933,506
|
Q
|
7,506,053
|
Q
|
7,101,445
| |||
Adjustments to reconcile accounting revenue to tax based revenue:
| |||||||||
Sales commissions
|
(293,060)
|
(283,463)
|
(284,890)
| ||||||
Taxable exchange gains
|
8,636
|
3,291
|
118,893
| ||||||
Deferred revenue
|
36,266
|
(72,527)
|
37,407
| ||||||
Accrued income
|
(85,948)
|
(11,382)
|
(6,495)
| ||||||
Other, net
|
(9,932)
|
15,845
|
(7,755)
| ||||||
Gross income
|
7,589,468
|
7,157,817
|
6,958,605
| ||||||
Income tax limit
|
(360)
|
(360)
|
(360)
| ||||||
Tax profit of the year
|
7,589,108
|
7,157,457
|
6,958,245
| ||||||
Income tax rate
|
7
|
%
|
7
|
%
|
7
|
%
| |||
current income tax Sub-total
|
531,238
|
501,022
|
487,077
| ||||||
Fixed amount over the surplus of Q30
|
18
|
18
|
18
| ||||||
Current income tax
|
Q
|
531,256
|
Q
|
501,040
|
Q
|
487,095
|
2019
|
2018
|
2017
| ||||
Income tax payable at beginning of year
|
Q
|
44,260
|
Q
|
54,211
|
Q
|
45,265
|
Current income tax expense
|
531,256
|
501,040
|
487,095
| |||
Less income tax paid during year
|
(527,122)
|
(510,991)
|
(478,149)
| |||
Income tax payable at end of year
|
Q
|
48,394
|
Q
|
44,260
|
Q
|
54,211
|
2019
|
2018
|
2017
| |||||||
Revenues
|
Q
|
7,933,506
|
Q
|
7,506,053
|
Q
|
7,101,445
| |||
Current income tax rate
|
7
|
%
|
7
|
%
|
7
|
%
| |||
Subtotal
|
555,345
|
525,424
|
497,101
| ||||||
Sales commissions
|
(20,514)
|
(19,842)
|
(19,942)
| ||||||
Taxable exchange gains
|
605
|
230
|
8,323
| ||||||
Other
|
(81)
|
2,864
|
(551)
| ||||||
Income tax (effective rate of 6.75%; 6.78%; 6.83%)
|
Q
|
535,355
|
Q
|
508,676
|
Q
|
484,931
|
Statement of financial position
|
Statement of Comprehensive Income
| |||||||||||
December 31
|
Year ended on December 31
| |||||||||||
2019
|
2018
|
2017
|
2019
|
2018
|
2017
| |||||||
Deferred income tax assets:
| ||||||||||||
Deferred revenue
|
Q
|
15,151
|
Q
|
12,613
|
Q
|
17,508
|
Q
|
2,538
|
Q
|
4,895
|
Q
|
(2,618)
|
Total deferred income tax assets
|
15,151
|
12,613
|
17,508
|
2,538
|
4,895
|
(2,618)
| ||||||
Deferred income tax liability:
| ||||||||||||
Laptops revenue
|
72
|
150
|
34
|
(78)
|
116
|
(43)
| ||||||
Contract assets
|
25,271
|
21,999
|
-
|
3,372
|
1,841
|
-
| ||||||
Accrued income
|
9,863
|
6,420
|
5,636
|
3,443
|
784
|
497
| ||||||
Total liabilities for deferred
income tax
|
35,206
|
28,569
|
5,670
|
6,637
|
27,41
|
454
| ||||||
Income tax loss (benefit)
|
-
|
-
|
-
|
Q
|
4,099
|
Q
|
7,636
|
Q
|
(2,164)
| |||
Deferred income tax, net
|
Q
|
(20,055)
|
Q
|
(15,956)
|
Q
|
11,838
|
2019
|
2018
|
2017
| ||||
Net deferred income tax (liabilities) assets at the beginning of the year
|
Q
|
(15,956)
|
Q
|
11,838
|
Q
|
9,674
|
Tax income (expense) recognized in the statement of comprehensive income
|
(4,099)
|
(7,636)
|
2,164
| |||
Tax effect of the adoption of IFRS 15
|
-
|
(20,158)
|
-
| |||
Net deferred income tax (liability) asset
at end of year
|
Q
|
(20,055)
|
Q
|
(15,956)
|
Q
|
11,838
|
20.
|
Cost of sales
|
2019
|
2018
|
2017
| ||||
Telephones and accessories
|
Q
|
673,659
|
Q
|
566,077
|
Q
|
190,846
|
Airtime
|
558,076
|
506,426
|
425,846
| |||
Estimate of expected credit losses
(note 7)
|
68,835
|
44,179
|
68,673
| |||
Contract assets impairment (note 7)
|
55,049
|
661
| ||||
Advertising costs
|
1,490
|
-
|
-
| |||
Other costs
|
16,197
|
13,991
|
12,879
| |||
Q
|
1,373,306
|
Q
|
1,131,334
|
Q
|
698,244
|
21.
|
Operating expenses
|
2019
|
2018
|
2017
| ||||
Depreciation and amortization (notes 11 and 12)
|
Q
|
991,047
|
Q
|
1,011,006
|
Q
|
1,077,378
|
Expenses related to network sites
|
519,795
|
569,455
|
594,377
| |||
Expenses by subcontracted personnel (note 21.1)
|
471,170
|
402,323
|
381,954
| |||
Commissions
|
403,460
|
374,469
|
357,355
| |||
General expenses
|
189,701
|
222,626
|
193,018
| |||
External services
|
119,452
|
128,060
|
139,377
| |||
Subsidies
|
73,560
|
79,108
|
437,237
| |||
Marketing expenses
|
33,445
|
25,400
|
28,146
| |||
Share-based incentive plans (note 18.4.1)
|
969
|
3,552
|
3,174
| |||
Rental and leasing
|
5,047
|
17,065
|
16,385
| |||
Impairment of property, plant and equipment and intangible assets
|
-
|
-
|
75,862
| |||
Q
|
2,807,646
|
Q
|
2,833,064
|
Q
|
3,304,263
|
2019
|
2018
|
2017
| ||||
Personnel costs (note 8)
|
Q
|
425,127
|
Q
|
368,238
|
Q
|
345,100
|
Travel and accommodation expenses
|
38,839
|
23,784
|
25,434
| |||
Training and recruitment
|
4,892
|
8,885
|
9,243
| |||
Insurance
|
2,312
|
1,416
|
2,177
| |||
Q
|
471,170
|
Q
|
402,323
|
Q
|
381,954
|
22.
|
Other expenses
|
2019
|
2018
|
2017
| ||||
Net loss on disposal on property, plant and equipment and intangibles (a)
|
Q
|
19,747
|
Q
|
43,932
|
Q
|
54,922
|
Other expenses
|
319
|
312
|
304
| |||
Q
|
20,066
|
Q
|
44,244
|
Q
|
55,226
|
(a)
|
The cash received for the sale of property, plant and equipment and intangible assets in 2019 and 2018 was Q760 and Q2,393, respectively.
|
23.
|
Financial income and expenses
|
23.1
|
Financial income
|
2019
|
2018
|
2017
| ||||
Financial interest
|
Q
|
180,991
|
Q
|
127,171
|
Q
|
92,851
|
Unrealized currency exchange differences
|
87,302
|
267,499
|
179,208
| |||
Realized currency exchange differences
|
-
|
78,336
|
11,406
| |||
Q
|
268,293
|
Q
|
473,006
|
Q
|
283,465
|
23.2
|
Financial expenses
|
2019
|
2018
|
2017
| ||||
Interest (bonds and bank loan)
|
Q
|
461,584
|
Q
|
443,237
|
Q
|
432,988
|
Unrealized currency exchange differences
|
131,411
|
435,753
|
34,631
| |||
Lease interest
|
103,672
|
-
|
-
| |||
Bank charges
|
12,708
|
8,743
|
37,893
| |||
Realized currency exchange differences
|
6,178
|
18,408
|
37,090
| |||
Q
|
715,553
|
Q
|
906,141
|
Q
|
542,602
|
24.
|
Contingencies and litigations
|
•
|
For the tax periods of 2005 and 2006, the Superintendence of Fiscal Administration initiated a process against Comcel for the omission of the withholding of the income tax to non-resident for a total of Q13,093 plus fines and charges. The likelihood of loss according to the Company's legal advisors is remote.
|
•
|
During the tax period of 2007, the Superintendence of Fiscal Administration initiated a process against Comcel for the omission of the withholding of the income tax to non-resident for a total of Q11,930 plus fines and interests. The likelihood of loss according to the Company's legal specialists is remote.
|
•
|
The Superintendence of Fiscal Administration has considered adjustments to the tax of Fiscal Stamps and Special Sealed Paper for Protocols for the payment of dividends through coupons for Q46,971 plus fines and interest. The likelihood of loss according to the Company's legal specialists is remote.
|
25.
|
Financial instruments risk management and objectives
|
•
|
Market risk
|
•
|
Interest rate risk
|
•
|
Exchange rate risk
|
December 31
| ||||
2019
|
2018
| |||
Financial assets in foreign currency:
| ||||
Cash (Note 6)
|
US$
|
101,137
|
US$
|
122,481
|
Accounts receivable (Note 7)
|
210
|
206
| ||
Accounts receivable to related parties (Note 8)
|
654,076
|
575,624
| ||
755,423
|
698,311
| |||
Financial liabilities in foreign currency:
| ||||
Loans (Note 13)
|
(790,616)
|
(779,000)
| ||
Accounts payable (Note 14)
|
(17,623)
|
(31,983)
| ||
Accounts payable to related parties (Note 8)
|
(4,029)
|
(4,125)
| ||
(812,268)
|
(815,108)
| |||
Excess of liabilities over financial assets
|
US$
|
(56,845)
|
US$
|
(116,797)
|
Current
|
From 3 to 12
months
|
More than 1 year and less than 5
years
|
More than 5 years and less than 10
years
|
Total
| ||||||
At December 31, 2019:
| ||||||||||
Current liabilities
| ||||||||||
Accounts payable
|
Q
|
217,765
|
Q
|
255,637
|
Q
|
-
|
Q
|
-
|
Q
|
473,402
|
Accounts payable to related parties
|
-
|
379,511
|
-
|
-
|
379,511
| |||||
Accrued interest
|
-
|
180,324
|
-
|
-
|
180,324
| |||||
Lease liabilities (undiscounted)
|
65,477
|
168,518
|
-
|
-
|
233,995
| |||||
Other accounts payable
|
20,428
|
27,079
|
-
|
-
|
47,507
| |||||
Non-current liabilities
| ||||||||||
Loans
|
-
|
-
|
6,261,144
|
-
|
6,261,144
| |||||
Lease liabilities (undiscounted)
|
-
|
-
|
818,229
|
758,895
|
1,577,124
| |||||
Q
|
303,670
|
Q
|
1,011,069
|
Q
|
7,079,373
|
Q
|
758,895
|
Q
|
9,153,007
|
Current
|
From 3 to 12
months
|
More than 1 year and less than 5
years
|
More than 5 years and less than 10
Years
|
Total
| ||||||
At December 31, 2018:
| ||||||||||
Current liabilities
| ||||||||||
Accounts payable
|
Q
|
255,549
|
Q
|
299,992
|
Q
|
-
|
Q
|
-
|
Q
|
555,541
|
Accounts payable to related parties
|
-
|
271,675
|
-
|
-
|
271,675
| |||||
Accrued interest
|
-
|
171,446
|
-
|
-
|
171,446
| |||||
Other accounts payable
|
18,441
|
24,287
|
-
|
-
|
42,728
| |||||
Non-current liabilities
| ||||||||||
Loans
|
-
|
-
|
-
|
6,273,696
|
6,273,696
| |||||
Q
|
273,990
|
Q
|
767,400
|
Q
|
-
|
Q
|
6,273,696
|
Q
|
7,315,086
|
26.
|
Capital management
|
27.
|
Financial instruments - information about fair values
|
Carrying value
|
Fair value
| |||||||
2019
|
2018
|
2019
|
2018
| |||||
Loans
|
Q
|
6,261,144
|
Q
|
6,273,696
|
Q
|
6,067,086
|
Q
|
5,946,085
|
28.
|
Events after the date of the financial position statement
|
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Disclaimer
Millicom International Cellular SA published this content on 13 March 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 March 2020 21:14:22 UTC